The following information has been extracted from the accounting records of Pluto Ltd for the year ended
Question:
The following information has been extracted from the accounting records of Pluto Ltd for the year ended 30 June 2017:
Debit $ Credit $
Sales 1,800,000
Dividends paid 10,000
Cost of sales 1,072,000
Finance costs 40,000
Distribution costs 116,000
Transfer from general reserve 16,000
Marketing costs 54,000
Administrative costs 104,000
Proceeds from sale of plant and machinery 60,000
Carrying amount of plant and machinery 40,000
Dividends Payable 15,000
Goodwill 190,000
Share Capital 150,000
General Reserve 10,000
Retained Earnings 15,000
Tax rate is 30%.
Additional Information:
Profit for the year is $303,800.
Balance of Retained Earnings at 1 July 2016 was $10,000.
During the year $5,000 was transferred from retained earnings to general reserve.
Required
Prepare a statement of profit or loss and other comprehensive income and, a statement of changes in equity for Pluto Ltd, for the year ended 30 June 2017. The statements must comply with AASB 101.
(please be sure to classify expenses by function).
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett